This REALLY NICE flip has already been started.
Simply finish it and cash in!
ARV: $209,000+ (see Comps below)
Repairs: $39,000
Price: Only $101,500!!
Your potential profit => Over $62,500+!!
===> WATCH House Walk-Through VIDEO here <===
House Features:
- Good margin to get the most $$ out of a flip
- House is in a great emerging neighborhood
- Could potentially be converted to a 3b/2b to earn an even higher resale price
How we arrived at the Asking Price of $101,500 (Working backwards):
1) Average Price per Square Foot, for the neighborhood comparables is $148/SqFt.
(See Comps below)
As investors, we all like to be conservative.
2) Just to be safe and conservative, we lowered the Average Price per SqFt,
from the actual neighborhood average of $148/SqFt, down to $143/SqFt.
3) This house is 1,464 SqFt.
Therefore, $143 * 1,464 SqFt = a conservative $209,352 ARV Sale Price.
4) ARV $209,352 * 70% = $146,546. (Your all-in costs)
5) Take the $146,546 total costs, subtract
-$39,000 in repairs (see Potential Repairs below)
-$4,000 in miscellaneous contingencies (10% of repairs)
-$2,000 in closing costs
= $101,546
Our fair asking price = $101,500
Your potential profit => Over $62,500+!!
Potential Repairs:
We received the below repairs estimate from a reputable, local construction company.
Some of these repairs are not necessary, but are listed to attract maximum resale value.
Interior
- Kitchen Remodel – $14,000 (Functional, but will generate higher resale value after rehab)
- Master Bathroom – $3,500 (Functional, but will generate higher resale value after rehab)
- Hallway Bathroom – $1,500 (Functional, but will generate higher resale value after rehab)
- Ceiling repairs – $1,500
- Full Repaint – $3,000 (Not 100% necessary)
- Central Heat and Air – $0 (Condenser and Furnace look good)
- New Water Heater – $1,000
Exterior
- Roof and Gutters – $6,000 (Full roof not needed right now, but could be replaced)
- Garage and Shed Removal – $3,000
- Windows – $1,500 (Scrape off paint and repaint 11 exterior windows)
- Back Screen Porch Area – $1,500 (Scrape, paint and some reframing)
- Back Yard Fence – $2,500
Miscellaneous
- Contingency – $4,000 (10+%)
Total: $43,000 conservatively. ($39,000 in repairs + $4,000 in misc contingencies)
If you do the repairs yourself, of course these costs will be lower.
===> VIDEO of House Walk-Through here <===
Comparables:
Most Comparable properties are smaller in square footage than this Subject property.
| Subject Property | Bd/Ba | Sqft | Asking Price | Year Built | Garage | County Assessor’s Value | Stories | ||
|---|---|---|---|---|---|---|---|---|---|
| 2116 NW 30th St | 2/2 | 1,464 | $101,500 | 1946 | Detached | $121,500 | 1 Story | ||
| Comp Address | Bd/Ba | Sqft | Sold Price | Price per SqFt | Date Sold | Year Built | Garage | County Assessor’s Value | Stories |
| 2300 NW 28th St | 2/1.75 | 1,582 | $230,000 | $145.39 | 10/5/18 | 1940 | Detached | $135,000 | 1 Story |
| 2205 NW 28th St | 2/1.5 | 1,380 | $190,000 | $137.68 | 6/12/18 | 1938 | Attached | $188,000 | 2 Stories |
| 2133 NW 28th St | 2/1 | 1,248 | $208,000 | $166.67 | 5/30/18 | 1931 | Detached | $110,000 | 1 Story |
| 2209 NW 29th St | 2/1.75 | 1,319 | $190,000 | $144.05 | 5/31/18 | 1938 | Detached | $128,000 | 1.5 Stories |
| Average Price/SqFt | $148.45 |
Current Occupancy: Vacant
Asking Price: $101,500
Call us at 405-254-0212 to view this great property!
Or send offers to info@OKCPropertyBuyers.com
Status: Property under contract by OKC Property Buyers, a principal party in a valid and assignable Purchase and Sales Agreement; which allows us to purchase the property. The decision has been made to offer this Purchase and Sales Agreement to another cash buyer and allow them the opportunity to buy this house. New Buyer will be assigned the contract to close and price includes the assignment fee to OKC Property Buyers, LLC.